Palm Bay Mayor Endorses Gov. Rick Scott’s Proposed Reforms For Enterprise Florida
By Karyn Barber, City of Palm Bay // December 3, 2015
includes creation of the Florida Enterprise Fund
BREVARD COUNTY • PALM BAY, FLORIDA — On Tuesday, December 1, Mayor William Capote announced his support for Governor Scott’s proposed reforms to Enterprise Florida, including the creation of the Florida Enterprise Fund.
Mayor Capote said, “I am proud to fully support Governor Scott’s proposal to create the Florida Enterprise Fund and improve the economic development process at Enterprise Florida. Enterprise Florida has been integral to creating jobs in our community; the recent relocation of Oakridge Technologies and the decision for Harris Corporation to remain in Brevard County are two examples of this program’s success. These reforms will continue to diversify our local economy, empower our small businesses, and create even more great jobs.”
The Governor’s proposals endorsed by Enterprise Florida include:
• Creating a new $250 million competitive fund called the “Florida Enterprise Fund”.
• Making the Florida Enterprise Fund a state trust fund to replace the existing escrow account to allow the state’s investment to accrue more interest.
• Increasing the Legislature’s role in competing for job creation projects by requiring that any deal over $1 million have the approval of the Speaker of the House and the Senate President, as well as the Governor.
• Reforming the return on investment requirements by eliminating the use of waivers and requiring a 10 percent annualized return on top of the original amount invested in a company.
• Streamline the state’s approval process while continuing to ensure that NO tax dollars leave the state trust fund until a company meets specific job creation goals spelled out in their contract.
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